Across the broader market, decliners trail gainers 195 to 263, after one billion securities worth S$1 billion change hands
[SINGAPORE] Singapore shares rose on Tuesday (May 20), after Wall Street closed higher overnight, shrugging off Moody’s downgrading of the United States’ sovereign credit rating.
With only one-third of Singapore’s blue-chip barometer Straits Times Index (STI) finishing up, the benchmark index managed to eke out a gain of 0.2 per cent or 6.3 points to settle at 3,882.5 points.
The better showing came as US markets closed higher, despite America being stripped of its top credit rating and China cutting interest rates to historic lows on Tuesday.
But JPMorgan Chase chief executive officer Jamie Dimon warned the market against complacency in the face of a slew of inflation and credit risks.
“People feel pretty good because you haven’t seen an effect of tariffs,” Dimon said. “The market came down 10 per cent, it’s back up 10 per cent; I think that’s an extraordinary amount of complacency.”
Across the broader market in Singapore, decliners trailed gainers 195 to 263, after one billion securities were transacted at S$1 billion in value.
Food Empire closed at a 52-week-high of S$1.77, up S$0.07 or 4.1 per cent. The food and beverage company generated a 16.3 per cent rise in revenue to US$136.6 million for the first quarter of FY2025 ended March, driven by robust sales in Vietnam.
Singapore Post slid 0.9 per cent or S$0.005 to S$0.565, a day after the national postal service provider announced it ramped up partnership with global transport company FedEx, allowing FedEx’s parcel drop-off services at all of its post offices islandwide.
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